Club Lloyds Monthly Saver - Your Complete Guide

Putting some money aside for a rainy day, or saving up for a big ticket purchase? Whatever you’re saving for, you’ll need to find a good savings account to help you meet your goals.

One of the options you’ll come across when searching for savings accounts is Lloyds Bank. The British banking giant has a number of savings accounts, including the Club Lloyds Monthly Saver - designed for making regular deposits each month.

But how does the account work, and how much interest does it pay? Find out everything you need to know about the Club Lloyds Monthly Saver account here in this guide. This includes interest rates, features, eligibility and how to sign up.

Just remember that there are other ways to boost your money that’s different from a savings account. If you’d like a powerful multi-currency account combined with the option to earn a return on your money, check out the Interest feature in your Wise account, that puts your money to work by investing in a government backed fund. Wise is not a bank but a e-money service. (Not available in the US)

Learn more about Wise

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees. Investments, even in a low-risk fund are never guaranteed. For full 5 year past performance of funds, please visit our website.

Club Lloyds Monthly Saver account - an overview

The Club Lloyds Monthly Saver is a regular savings account. This means it’s designed for regular monthly deposits, so you can gradually build your savings pot.

The only drawback to this is if you have a larger sum to save. You can’t transfer the whole amount in there and get interest on the full balance. You can only deposit between £25 and £400 per month. ¹

The account is easy access, so you can make withdrawals whenever you want.

The Monthly Saver account is only available to existing Club Lloyds Current Account holders. So, it’s not available as a standalone product.

The bank has a number of Club Lloyds accounts, which all come with lifestyle benefits in exchange for a monthly fee.

These range from £3 a month for a standard Club Lloyds current account, all the way up to £21 a month for a Club Lloyds Platinum Account.² This is a premium packaged account, including extra benefits such as breakdown cover and travel insurance.

Lloyds Bank is one of the UK’s largest and oldest banks, with a history dating all the way back to 1765.

What interest rate does the Club Lloyds Monthly Saver account offer?

The Club Lloyds Monthly Saver account pays interest of 6.25% gross/AER. This is a fixed rate, so it’s guaranteed not to change during the term of the account.¹

The interest is paid after 12 months, which is also when the account term ends. After this, the account will automatically change to a Standard Saver. You can keep this, or choose to open a new Club Lloyds Monthly Saver and save for another 12 months.

Club Lloyds monthly savings account features

This savings account doesn’t offer many additional features other than allowing monthly deposits and paying annual interest on your money.

However, account holders will get the following:¹

• Instant access - make deposits or withdraw money whenever you like. However, you must deposit before the 25th of each month to make use of the £400 monthly allowance you can save in the account.
• Manage your money through the Lloyds Bank mobile banking app.
• All the features of the Club Lloyds current account (whichever one you choose), including lifestyle benefits and packaged features such as travel insurance cover.
• FSCS protection of up to £85,000 per person.

How to manage your account

The Club Lloyds Monthly Saver can be managed:

• online
• in branch
• via the Lloyds Bank app
• by phone.

You can use any of these methods to check your balance and any interest received, set up regular monthly deposits or withdraw money.

How to open a Club Lloyds Monthly Saver account

If you think this kind of regular savings account would suit your needs, you’ll need to know how to open one.

It should be pretty straightforward to open a Club Lloyds Monthly Saver account, as you can do everything online.

However, not everyone is eligible to apply. We’ll run through everything you need to know below.

Eligibility

To open a Club Lloyds Monthly Saver account with Lloyds Bank, you’ll need to meet the following requirements:¹

• Be an existing Club Lloyds customer with one of the following current accounts - Club Lloyds, Club Lloyds Silver, Club Lloyds Gold, Club Lloyds Platinum, Club Lloyds Premier, Club Lloyds Mayfair Current Account, Club Lloyds Mayfair High Interest Cheque Account, Club Lloyds Private Banking Premier Current Account, Club Lloyds Private Banking Account.
• Be at least 18 years old
• Be a UK resident
• Not have opened a Club Lloyds Monthly Saver already within the last 12 months.

Documents and details

You shouldn’t need any documents to open a Club Lloyds Monthly Saver account.

This is because the account is only available to existing Club Lloyds current account holders, and you’ll have been required to provide photo ID and other documents when you opened that account.

Opening a Club Lloyds monthly savings account - step-by-step

It’s pretty easy to open a Lloyds Bank saver account. Here’s how to do it online in a few simple steps:

1. If you don’t already have a Club Lloyds current account, go to the Lloyds Bank website to open one. Remember that these accounts have a monthly fee, so make sure you’re happy with this before proceeding.
2. Once your current account is open, go to the Club Lloyds Monthly Saver page on the Lloyds Bank website.
3. Read the account terms and conditions carefully. If you’re happy, click the ‘Open now’ button
4. Follow the on-screen instructions to open your new savings account.
5. Add money from your Club Lloyds current account whenever you’re ready, or set up regular payments.

Are there any minimum deposit requirements?

The Club Lloyds Monthly Saver account doesn’t have any minimum deposit requirements when you open the account. This means you can open your account and make a deposit whenever you’re ready.

But bear in mind that to take advantage of the interest rate, it’s best to deposit every month. The minimum deposit per month is £25, and the maximum is £400.

Club Lloyds savings account withdrawal limits

With this account, you can access your money at any time without charge or penalty. You can also withdraw as much as you want. But it’s important to know that you may not be able to replace anything you withdraw within the same month. This is because of the maximum monthly deposit limits.¹

So if you’ve deposited £400 already and take out £100 during the month, you won’t be able to replace this in the same month. You’ll need to wait until the next month, when the £400 limit resets again.

Are Club Lloyds savings accounts safe?

Lloyds is a fully licensed bank in the UK. It’s authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority (FCA).

What’s more, Lloyds Bank is covered by the Financial Services Compensation Scheme (FSCS). This gives you protection of up to £85,000 if anything should happen to the bank.

Lloyds Bank also uses sophisticated security measures to keep your account, money and data safe. This includes:³

• Real-time checks on transactions
• Biometric logins to protect your account
• Multi-factor authentication and automated calls when making payments or adding payees
• Bank name display - to make sure that payments go to the right account
• Helpful security tips to keep yourself safe when banking online.

Earn returns in multiple currencies with Wise Interest

Looking for an easy access alternative to earn returns on your money? Wise Interest, offers returns on balances held in GBP, EUR and USD.

You’ll have full access to your money whenever you need it. But when you don’t, it’s a great feeling to watch how your money can grow. Just note, investments, even in a low-risk fund are never guaranteed. (Not available in the US)

Get started with Wise

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.
For full 5 year past performance of funds, please visit our website.

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Variable rate is based on 7 day performance as of 14 Dec 2023. This fund has returned an 0.93% annual average over the last 5 years, excluding Wise and fund manager fees. See full 5 year past performance of funds.

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And that’s it - all the key info you need to know about the Club Lloyds Monthly Saver account. We’ve covered everything from account features and interest rates, right through to how to open an account and access your money.

If you want to set aside money regularly and gradually build your savings, this could be a good account for you.

The only snag is that you’ll need a Club Lloyds current account to be eligible for the Monthly Saver, and these come with a monthly fee. And if you have a larger pot to save, you could be better off with a standard easy access or fixed rate savings account - where you’ll receive interest on the whole sum.

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Sources used:

1. Lloyds Bank - Club Lloyds Monthly Saver
2. Lloyds Bank - Current Accounts
3. Lloyds Bank - How we protect you

Sources last checked on date: 29-Aug-2023